Rupee Cheers Moody's Upgrade With Mid-Day Surge

18 November, 2017, 00:24 | Author: Terri Saunders

This is India's first rating upgrade since 2004, when it was upgraded to Baa3 from Ba1. Standard and Poor's, which still assigns the lowest investment grade to India with a stable outlook, said India needed to address its weak fiscal position, indicating upgrades would take time.

In a significant boost to the Modi government's reform agenda, which has faced flak in recent weeks following a growth slowdown, Moody's Investors Service cited these very measures to upgrade India's sovereign rating a notch and changed the outlook to positive from stable. In addition, it has changed to stable from positive the ratings outlook for IRFC; EXIM India and its London branch; HDFC Bank, its Bahrain and Hong Kong branches; as well as SBI and its Hong Kong, London, and Nassau branches.

Finance Minister Arun Jaitley called the upgrade "a belated recognition of all the positive steps which have been taken in India in the last few years".

Moody's Investors Service on Friday upped the long-term ratings of four Indian financial institutions including SBI and HDFC Bank by a notch to Baa2 following the upgrade of the country's sovereign rating to the same level. The Sensex rose 235.98 points to close at 33,342.80, even after paring initial gains.

Stating that reforms will foster sustainable growth prospects, the US-based agency said the government is mid-way through a wide-ranging programme of economic and institutional reforms. While upgrading the rating, Moody's cited reforms like the recently- introduced GST, improvements to the monetary policy framework, measures to clean up non-performing loans and efforts to bring more areas into the formal economy.

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